AP Microeconomics Quiz
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PRODUCTION, COST, AND PERFECT COMPETITION MODEL
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A small gym earns total revenue of $90,000. Its explicit costs are $65,000 (rent paid, utilities, and part-time staff). The owner could earn $20,000 working elsewhere and uses a building she owns that she could rent out for $10,000 per year. Based on the firm's cost and revenue information, what is the firm's economic profit?
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